It would appear to be the year of the big project once again in Dubai. The Opera House has opened its doors, the IMG Worlds of Adventure Theme Park has blasted off and now the mammoth Dubai Water Canal is set to be unveiled at the end of the year.
Besides berths for yachts, this environmentally friendly lifestyle development will feature a five-kilometre boardwalk lined with food and beverage and retail outlets and comprises of three zones: The Water Network, Green Network and Public Realm.
The canal will be served by modern water transport means, including water taxis and ferries.
“The Dubai Water Canal is one of a number of important flagship projects the emirate has in the pipeline and I believe this is going to be an anchor for other prime developments that will surround it,” says David Godchaux, CEO of real estate provider CORE.
“More importantly is the area in which it runs through — Jumeirah — which is progressively becoming freehold and this is a real game changer. At the moment, the main magnet in Jumeirah is City Walk, but as the canal reaches completion, anything between this and City Walk, as long as it is deemed to be freehold, will see a degree of land and price appreciation. This cements the area in the long term as a prime district in Dubai both for residential and retail.
“The canal district will complement the existing freehold offering in Jumeirah of a different European-style, urban experience by adding to the human scale, being accessible, and resident-friendly, combined with the street retail experience that is just coming to Dubai and relatively specific to City Walk. I anticipate it will progressively become one of the strong selling points, a differentiator or a brand, making Jumeirah stand out as a central prime district.”
With the completion of three major flyovers that run across the canal at a height of eight metres on Shaikh Zayed Road, Al Wasl Road and Jumeirah Road, work on the project has entered the final stage as it allows contractors to finish excavating. According to an update from the Roads and Transport Authority, about 80 per cent of the canal excavation work has been done and the rest is set to be complete end of this month.
The Dh2-billion project is being carried out over five phases and the excavation is part of phase three. Phases four and five are being carried out simultaneously.
Phase 3 includes drilling of the canal, constructing quay walls and three pedestrian bridges linking both sides of the canal to ease public mobility.
Lure of the water
Work is also under way to build an artificial crescent-shaped island along Jumeirah Park, which will double the length of Jumeirah Park Beach, increase the park area and allow space for more recreational activities.
It takes a special kind of project to make real estate types come over all misty-eyed, but the new canal seems to doing just that. “It may be my love of Jerome K. Jerome’s classic book Three Men in a Boat, but I am for whatever reason always drawn to water, and the Dubai Canal will leave a long-lasting impression on the city,” says Jason Hayes, Head of New Developments at property firm Lux Habitat, which is active in the Al Habtoor City development beside the canal.
“This love of water is common to developers and occupiers alike with waterfront developments around the world proving to be incredibly popular, commanding high demand and in turn even higher prices.”
On the subject of increasing property values, Khalaf Ahmad Al Habtoor, Chairman of the Al Habtoor Group, has forecasted the sale price per square foot for The Residence Collection to rise this September as excitement builds for the whole area.
The Residence Collection consists of 1,460 apartments housed within two 74-storey towers and one 52-storey tower, including loft-style units, simplex penthouses, duplex penthouses and ultra-luxury VIP penthouses spread over four floors and boasting 360-degree views of the Dubai skyline.
“The residential project’s location and amenities are second to none,” says Khalaf Al Habtoor. “Al Habtoor City is the new centre of Dubai in an unparalleled location.”